Shale players Forest, Sabine close to tying knot

The steps needed to become one of the premier players in the Eagle Ford shale play in Texas is nearly complete, Forest Oil and Sabine Oil and Gas said Monday.

Forest and Sabine issued a joint statement saying their merger was on pace for completion this year.

"Forest has set the date for the special meeting of its shareholders to consider and vote on, among other items, the combination between Forest and Sabine as November 20, 2014, pending completion of the Securities and Exchange Commission's proxy statement review," the joint statement read.

Sabine and Forest announced an all-stock transaction in May that combines their assets in East Texas, including the Eagle Ford shale basin.

The U.S. Energy Information Administration says Eagle Ford shale is on pace to produce 1.48 million barrels of oil per day and 6.5 trillion cubic feet of natural gas per day in August, making it one of the premier shale reserve areas in the United States.